UnitedHealth Group (UNH) This autumn 2024 Earnings Name Transcript

UnitedHealth Group (UNH -5.58%)
This autumn 2024 Earnings Name
Jan 16, 2025, 8:45 a.m. ET

Contents:

• Ready Remarks
• Questions and Solutions
• Name Contributors

Ready Remarks:

Operator

Good morning and welcome to the UnitedHealth Group fourth quarter and full 12 months 2024 earnings convention name. An issue-and-answer session will observe the UnitedHealth Group’s ready remarks. As a reminder, this name is being recorded. Listed here are some necessary introductory data.

This name accommodates forward-looking statements underneath U.S. federal securities legal guidelines. These statements are topic to dangers and uncertainties that would trigger precise outcomes to vary materially from historic expertise or current expectations. An outline of a number of the dangers and uncertainties might be discovered within the stories that we file with the Securities and Trade Fee, together with the cautionary statements included in our present and periodic filings.

This name can even reference non-GAAP quantities. A reconciliation of the non-GAAP to GAAP quantities is out there on the monetary and earnings stories part of the corporate’s investor relations web page at www.unitedhealthgroup.com. Info offered on this name is contained within the earnings launch we issued this morning and in our Kind 8-Okay dated January 16, 2025, which can be accessed from the investor relations web page of the corporate’s web site. I’ll now flip the convention over to the chief govt officer of UnitedHealth Group, Andrew Witty.

Andrew Philip Witty — Chief Government Officer

Jennifer, thanks very a lot, and good morning, everybody. I would like to begin by expressing a honest thanks from my colleagues and from me for the overwhelming expressions of condolence and help following the homicide of our buddy Brian Thompson. Lots of you knew Brian personally. You knew how a lot he meant to all of us and the way he devoted his time to serving to make the well being system work higher for the entire folks we’re privileged to serve.

He would dive in with ardour and caring to seek out options to enhance experiences, whether or not for a person client, an employer, or a public well being company. Proper now, there are 400,000 nurses, medical doctors, caseworkers, customer support specialists, pharmacists, technologists, and so many others on this group who share that dedication and are decided to advance that work. The duty in entrance of us, all of us, healthcare suppliers, payers, employers, drug corporations, and policymakers, is to proceed enhancing high quality and well being outcomes for people and their households whereas decreasing prices for everybody. We have to construct on the distinctive foundational strengths of healthcare in America and deal with the areas we are able to make work higher.

Amongst these strengths, world-leading innovation. The U.S. has developed essentially the most superior medical approaches and patient-centric care at a tempo not seen wherever else. It is why, if supplied with the choice, folks from everywhere in the world come right here to hunt look after essentially the most advanced situations.

But, the well being system must perform higher. By way of a long time of federal and state policymaking and personal sector innovation, we now have a wide range of packages, constructions, and processes. There are sturdy deserves to that selection as they are often extra tailor-made to fulfill the particular wants of people at numerous levels of life and well being standing and supply further assist for many who want it. It avoids a one-size-fits-all strategy, but it surely must be much less complicated, much less advanced, and more cost effective.

America faces the identical elementary healthcare dynamic as the remainder of the world. The assets obtainable to pay for healthcare are restricted, whereas demand for healthcare is limitless. Each society wrestles with that situation and approaches it in numerous methods. We now have unbelievable alternatives right here to enhance system efficiency, each from a care and a value perspective, whereas constructing upon the foundational strengths I simply talked about.

The mission of this firm, why we exist, is to enhance this technique for everyone and assist folks dwell more healthy lives. Which means getting extra folks into high-quality value-based care and conserving them wholesome within the first place so fewer Individuals discover themselves with a power and, in lots of circumstances, preventable illness. It means persevering with to spend money on packages like Medicare Benefit, which, by offering coordinated care to seniors, is confirmed to ship higher well being outcomes at decrease price to shoppers and taxpayers in comparison with fee-for-service Medicare. Seniors acknowledge that worth, which is why the vast majority of them select Medicare Benefit.

It means making healthcare simpler to navigate. We’re enhancing digital instruments for shoppers, harnessing information, and utilizing AI to allow them to discover one of the best worth care choice and determine what’s finest for themselves and their households. Folks’s well being interactions must be as intuitive and seamless as each different facet of their lives: banking, procuring, streaming. This previous 12 months, we noticed a rare improve in the usage of these fashionable channels.

We all know there’s nonetheless a big hole there, and we intend to maintain at it till it’s closed. It means making protection and value simpler to know. Only one instance the place we have already got superior plans: We’re desirous to work with coverage leaders to make use of standardization and expertise to hurry up turnaround instances for approval of procedures and providers for Medicare Benefit sufferers and to materially cut back the general variety of prior authorizations used for sure MA providers. A few of this work we are able to do on our personal, and we’re doing it, however we’re inspired additionally by trade and policymaker curiosity in fixing for this specific friction throughout the entire system.

In the end, enhancing healthcare means addressing the basis reason for healthcare prices. Basically, healthcare prices extra within the U.S. as a result of the worth of a single process, go to, or prescription is larger right here than it’s in different international locations. The core reality is that value, greater than utilization, drive system prices larger.

Tackling that downside would require all elements of the system and policymakers to come back collectively. But, there are contributors within the system who profit from these excessive costs. Decrease-cost equal high quality websites of service, for instance, might be good for shoppers and sufferers however threaten income streams for organizations that rely upon charging extra for care. One other instance is the persistently excessive price of medication within the U.S., leaving American shoppers, employers, and public businesses to pay disproportionately greater than folks in different international locations.

Simply have a look at GLP-1 costs, one drug which prices $900 within the U.S. prices a couple of tenth of that in Europe. Pharmacy profit managers play a significant function in holding these costs down, which is why drug corporations and their allies have spent the previous a number of years attacking them. Optum Rx alone delivers many tens of billions of {dollars} in financial savings yearly versus the pricing set by the producers, together with on the GLP-1s.

That sharply reduces the hole versus different international locations. However even then, costs within the U.S. are nonetheless multiples of what the remainder of the world pays for a similar medicine. Final 12 months, our PBM handed via greater than 98% of the rebate reductions we negotiated with drug corporations to our purchasers.

Whereas we provide clients 100% pass-through choices, a small quantity have traditionally elected different fashions. We’re dedicated to completely phasing out these remaining preparations in order that 100% of rebates will go to clients by 2028 on the newest. We are going to proceed to encourage all of our purchasers to completely cross these financial savings on to sufferers on the level of sale, as we already do for the entire folks we serve in our totally insured employer choices. This may assist make extra clear who is basically liable for drug pricing on this nation, the drug corporations themselves.

Well being care in each nation is advanced, and the options are usually not easy. However it is best to count on this firm to proceed to work at it, discovering what is required, growing options, bringing these options to scale, making a optimistic influence on the lives of tens of millions of individuals. We ship on our commitments to the folks we serve, together with our buyers. Even in extremely difficult intervals like 2024, our outcomes bear out that we discover a means, even when it is not all the time how we might have initially envisioned the trail.

Amongst a number of the formidable challenges we navigated over the course of the 12 months have been the primary 12 months of the three-year CMS Medicare charge cuts, the consequences of the state-driven Medicaid member redeterminations, and the Change Healthcare cyberattack. Our folks discovered a approach to ship solidly inside the vary we first provided again in November of 2023, all whereas enhancing affected person and client well being outcomes and experiences, specializing in high quality, and increasing upon our potential to assist make the well being system work higher for everybody. We’re invigorated by the trail forward. There are such a lot of areas that may be enhanced, reworked, reengineered, and even scrapped to make the well being system work higher, as we all know it must.

That’s each our duty and it is our ardour. We start 2025 with a robust outlook for the 12 months as we proceed to ship on our commitments and excel for these we serve in all of our key progress pillars. Now, John will stroll you thru this efficiency in a bit of extra element.

John F. Rex — President and Chief Monetary Officer

Thanks, Andrew, and I am going to add my deep gratitude for the big outpouring of help over the previous few weeks. Brian helped construct this firm and solid deep, trusted relationships for over 20 years, and the optimistic influence he had on folks might be felt for years to come back. This morning, I am going to talk about each 2024 outcomes and our efficiency expectations for ’25, together with a few of what we had deliberate to debate with you in December. 2024 revenues of over 400 billion and adjusted earnings per share of $20 — $27.66 have been properly inside the outlook ranges we set out over a 12 months in the past.

To make certain, issues performed out in another way than initially anticipated, however it’s a permanent trait of this enterprise that we ship on our commitments to the folks we serve and to you, even amid unexpected circumstances. Over the course of ’24, we undertook initiatives and made investments to strengthen us for the longer term. Initiatives to enhance client expertise and produce new improvements to market extra shortly, drive essentially the most compelling methods to additional our mission to assist make the well being system work higher for everybody, and proceed to optimize and refine our choices and enterprise portfolio to reinforce future progress potential, whether or not that meant shifting into new alternatives, reconfiguring or shifting out of areas which contributed traditionally however might not be core, all with an eye fixed to unlocking worth. We all know you have got various questions that we weren’t capable of talk about final month.

So, right this moment, I am going to begin by stepping via a pair you have got indicated are high of thoughts. The primary one is why our ’24 medical care ratio was 150 foundation factors above our authentic outlook. It is necessary to border up the challenges of ’24 to supply some views on the dedication and response of our folks. In comparison with the midpoint of the care ratio vary we stepped out with over a 12 months in the past, that alone created a virtually $5 billion hole we would have liked to beat, and that is earlier than we get to the almost 1 billion in enterprise disruption influence because of the cyberattack.

So, we begin with about 6 billion in unanticipated impacts simply from these two examples, along with managing via the already recognized multibillion-dollar influence of the Medicare charge cuts as we sought to protect as a lot profit stability for seniors as attainable. Relating to the weather impacting our ’24 care ratio, we have spoken about the important thing components on prior earnings calls, so no surprises right here. The primary comprised about 70% of the overall influence and are comparable in magnitude to one another. First, the combo of individuals served.

We ended up with a distinct profile of client than anticipated. That is due to one issue: We did not develop as anticipated because of the uncommon Medicare Benefit profit designs within the market in ’24. Subsequent, the timing mismatch between the well being standing of the remaining folks being served by Medicaid and the lagging state charge updates. Then there have been the prices associated to the cyberattack and our South America enterprise impacts.

The remaining two components comprised about 30% of the influence and are evenly break up. These embody a extra speedy than anticipated acceleration within the prescribing of sure high-cost medicines as drug corporations took early benefit of the Inflation Discount Act and an aggressive upshift in hospital coding depth. That is included into our outlook, at the same time as we work to get it again in line. These are the ’24 care ratio components.

Subsequent query, given all that, are we assured within the adequacy of our pricing for ’25? The reply is sure. And this is why. To start out, for ’25, the outlook we shared in December incorporates a view of care exercise commensurate with what we noticed in ’24, even the care exercise we skilled as we exited the 12 months. I am going to break that down with some enterprise line views.

In Medicaid, we see the hole between folks’s well being standing and state charges narrowing over the course of the 12 months. Our outlook assumes a measured pacing of that course of. Actions up to now, together with the necessary January 1 renewal cycle, help this view. In business, pricing for ’25 is appropriately capturing the care exercise we’re seeing.

That is evidenced by progress closely weighted towards self-funded choices. We are going to proceed our disciplined strategy. In Medicare, we had sturdy AEP outcomes, which included successful again folks we had served beforehand and near-record retention. These are a direct results of our lengthy historical past of providing sustainable advantages for seniors.

With sturdy retention and the numerous returning shoppers, we begin the 12 months with extremely knowledgeable insights into the care wants of the folks we might be serving. As well as, this 12 months, we now have seen a notable uptake of our extra managed choices, assume HMO model, which offers sturdy worth for shoppers, efficient care instruments for medical doctors, and extra predictable efficiency. We count on a ’25 full 12 months medical care ratio of 86.5%, plus or minus 50 foundation factors, 100 foundation factors above the ’24 outcome. Along with components mentioned earlier, the rise is pushed by IRA impacts, the second 12 months of the Medicare funding cuts, a continued combine shift towards public sector choices, and a respectful view of care exercise.

Our ’24 working price ratio improved about 150 foundation factors over the prior 12 months. Roughly half of the change was pushed by contributions from the enterprise portfolio initiatives talked about earlier. The opposite half was as a consequence of accelerating our efforts to comprehend working efficiencies, at the same time as we enhance client experiences. A few of these advances are a results of the very early stage impacts we’re starting to comprehend from AI-driven initiatives to assist our customer support representatives reply to shoppers’ wants extra successfully and shortly.

And we see persevering with alternatives each within the close to time period with working prices for ’25 enhancing nonetheless additional and properly past given the quickly increasing scope and influence of those initiatives. These actions and the resourcefulness of our folks helped ship upon the goals set out over one 12 months in the past and helped to partially stability the a number of billions of unanticipated impacts. With that, I am going to run via our companies, providing some key factors for every, beginning with Optum Well being, the place revenues grew to about 105 billion in ’24 and are anticipated to strategy 117 billion in ’25. Our care supply enterprise continues to deepen its presence in current areas whereas increasing into new geographies and providers.

In ’25, we count on Optum Well being will serve about 5.4 million value-based care sufferers, a progress of 650,000 over ’24. Whereas our present place offers a stable footing, it is a small fraction of the tons of of tens of millions of sufferers who can in the end profit from value-based care. We see value-based care as foundational. It’s maybe the fullest expression of our mission.

As Andrew famous, the outdated activities-based fee-for-service system will not assist the well being system work higher for folks. Worth-based care is outcomes-based, aligning processes, actions, and incentives, serving to maintain folks wholesome within the first place fairly than simply seeing them when they’re sick. Optum Well being is an built-in multipayer care supply firm, serving to to guide the transition to a really sustainable value-based care system. As we transfer into ’25, we’ll proceed to reinforce entry and care integration via the house, a much-needed space to assist folks with their well being.

Greater than three-quarters of our in-home affected person visits end in a main care go to inside 90 days. Medicare Benefit sufferers with power situations who obtain a house care go to have a decrease charge of ER visits, fewer inpatient stays, stronger well being outcomes, and a greater expertise, all whereas saving the well being system billions. Turning to Optum Rx. Revenues in ’24 grew to over 130 billion and might be about 146 billion in ’25.

Our pharmacy advantages administration workforce once more had buyer retention exceeding 98% whereas welcoming a file 750 new purchasers, additional proof of the worth sophisticators, employers, well being plans, and labor unions see in Optum Rx’s skill to barter decrease drug costs for shoppers. Optum Rx’s pharmacy care providers help your complete system within the supply of clinically pushed pharmacy care, serving the highest-need and hardest-to-reach sufferers. These choices embody neighborhood pharmacies, specialty, and infusion drug providers, all giant strongly rising areas, with our present presence fairly small. Optum Perception revenues have been 19 billion in ’24, and in ’25 will strategy 22 billion, with a backlog of 35 billion as gross sales of recent merchandise start to take maintain and the client clearinghouse enterprise continues to rebuild.

The options provided via Optum Perception and our well being expertise progress pillar, delivered at scale, will enhance client expertise and fee and claims flows, allow entry to the following finest motion steerage in a physician’s workflow, and assist life sciences clients extra quickly carry improvements to market. And there might be far more to observe. Shifting to UnitedHealthcare. Full 12 months revenues in ’24 approached 300 billion, and for ’25 will strategy 340 billion as we develop to serve upwards of a further 1.9 million folks, balanced throughout each the business and public sectors.

Inside our home business choices, we grew to serve 2.4 million extra folks in ’24 and count on to proceed to develop strongly in ’25, particularly in our self-funded choices, which serve a number of the most subtle patrons of healthcare, giant employers. The truth that so many extra persons are selecting UnitedHealthcare is a direct results of our bringing much-needed innovation to those extra mature markets via consumer-centric choices. As famous earlier, UnitedHealthcare’s ’24 Medicare Benefit progress was impacted by the bizarre profit designs available in the market. Our focus has all the time been on offering client stability and sustainable worth, an element that has constructed confidence and belief over the long run.

Consequently, in ’25, we count on progress of as much as 800,000 folks in particular person, group, and particular wants choices. And the expansion outlook for the years forward stays sturdy, with almost half of American seniors nonetheless in outdated Medicare fee-for-service choices, which give much less worth to them and value taxpayers extra. In Medicaid, we count on to serve extra folks in ’25 with redetermination actions now concluded. UnitedHealthcare’s worth proposition is resonating with state clients, shoppers, and supplier companions, and we’re collaborating in a considerable variety of growth proposals.

Most not too long ago, we have been honored to have been awarded a brand new alternative in Georgia. Our rising companies help and — are supported by substantial monetary capacities and a robust stability sheet. In ’24, we deployed almost 17 billion in progress capital to assist construct for the longer term, additional strengthening our capabilities to serve extra folks extra comprehensively. We additionally returned over 16 billion to shareholders via dividends and share repurchase.

In ’25, we count on money move from operations will strategy 33 billion or 1.2 instances internet revenue. We are going to proceed to deploy progress capital and stay dedicated to returning to shareholders, as outlined in December. Our progress capital deployment efforts ship their biggest advantages over the course of two, 4, and even six years and as new capabilities are scaled and deployed throughout the enterprise and past. To summarize, our sturdy begin to the 12 months reinforces the expansion goals we shared final month and is underpinned by the broad progress drivers, operational excellence, and strategic capital deployment you have got come to count on from us.

Now, I am going to flip it again to Andrew.

Andrew Philip Witty — Chief Government Officer

John, thanks. The power of this group lies within the resilience of our folks and the basic perception that there isn’t any larger calling than serving to different folks and nothing extra important to the human situation than healthcare. Waiting for 2025 and past, we’re assured in our skill to proceed so as to add worth to the well being system via our concentrate on value-based care and consumer-orientated efforts to assist construct the well being system America deserves. And that is additionally why we stay solidly dedicated to our long-term 13% to 16% progress goal, a objective that displays each the alternatives and the capabilities that we now have.

And now, operator, we’ll open it up for questions.

Questions & Solutions:

Operator

The ground is now open for questions. [Operator instructions] We’ll go first to A.J. Rice with UBS.

A.J. Rice — UBS — Analyst

Good day, everyone, and I respect the phrases about Brian. He is missed by all of us. Simply possibly to focus in on the feedback about price traits and the MLR. Clearly, within the fourth quarter, there’s variance relative to consensus expectations.

It is in all probability a bit of higher than what we thought. It seems like the associated fee objects you are calling out are much like the belongings you had seen all 12 months lengthy. Was there something that modified in these — the depth of any of these traits and something — any uncommon objects in there that impacted the outcomes? And it sounds such as you’re nonetheless assured in your ’25 MLR outlook. So, nothing you noticed within the fourth quarter adjustments your view on ’25?

Andrew Philip Witty — Chief Government Officer

A.J., thanks a lot on your query. I will ask John in a sec to clearly go a lot deeper in response to your query. However simply to the final a part of your query, yeah, you are completely proper, nothing we noticed there that adjustments our view of ’25. We really feel excellent about how we’re priced into ’25.

We really feel actually, actually good about how the combo has are available in when it comes to that progress. That is an enormous distinction to ’24. And we actually did not see something in This autumn that we imagine represents a problem to that view going into ’25. However I would love John to go deeper for you on the Q.

Thanks.

John F. Rex — President and Chief Monetary Officer

Good morning, A.J. So, a couple of issues on this. So, when it comes to the objects that we known as out on the third quarter name, so hospital coding depth and the specialty prescribing traits that we have been seeing, very a lot in step with what we noticed within the third quarter when it comes to that bumped into the fourth quarter. So, in step with the view on that.

We weren’t seeing acceleration in that. We’re seeing stabilization in these traits, I’d let you know, on the ranges we noticed earlier than, and we count on that to proceed, particularly prescribing. These traits have been one thing we anticipated in our ’25 outlook. And as we famous again within the third quarter, that was one thing that simply moved sooner in ’24 than we anticipated.

However when it comes to the degrees we’re seeing and the way we anticipated that in our ’25, we really feel excellent about that, these coding depth ranges staying on the ranges that we noticed — that we had seen, additionally. After which the opposite components that we talked to, combine. Form of necessary factor when it comes to the development we see as we transfer into ’25, and people components. For — to name out sort of issues within the 4Q, a few issues I would say.

So, to begin with, the transfer, principally pushed by seasonality, typical seasonality. You see regular deductible wear-offs, these components. A transfer sequentially that was related when it comes to the idea level transfer that we noticed a 12 months in the past, additionally, 3Q to 4Q on that. However I would name out a few issues, A.J., to your level right here.

So, within the sequential transfer, I would name out in all probability 80 foundation factors to 90 foundation factors that I would put into the income impact class right here. So, in that, take into consideration some components which may have been coming in reminiscent of group MA refunds and components there the place our efficiency, which was sturdy over the course of the 12 months, and people hitting within the quarter. Just a few components like that that I would put within the nonrecurring income — non-run charge income class when it comes to impacts. That — and that was in all probability about 80 foundation factors to 90 foundation factors of the influence 3Q to 4Q.

The flu RSV influence, that typical seasonal, that was sort of a, I would say, within the quarter, 50 foundation factors to 60 foundation factors. That is sort of a traditional transfer. After which consider the remainder of that transfer being within the zone of just about anticipated seasonal influence. So, the one factor I would name out there’s the income results that in all probability could be — would in all probability be having some influence.

Thanks.

Andrew Philip Witty — Chief Government Officer

Nice. Thanks a lot, John, and thanks once more, A.J., on your query. Subsequent query, please.

Operator

We’ll go subsequent to Josh Raskin with Nephron.

Joshua Raskin — Analyst

Hello. Thanks. A query on the Optum Well being section. I assume, and I apologize if I missed this, however did you touch upon the change within the shoppers? I do know you talked about portfolio adjustments and issues like that, however the client depend dropped about 4 million, after which kind of a noticeable drop in margins.

And I am questioning if a few of that’s associated to the MA rebates that you just simply talked about when it comes to the influence on the UHC aspect as properly.

Andrew Philip Witty — Chief Government Officer

Yeah. Josh, thanks a lot on your query. Let me ask John to begin after which ask Dr. Desai to choose up a couple of particulars on that, please.

Thanks.

John F. Rex — President and Chief Monetary Officer

Good morning, Josh. So, when it comes to the patron depend and impacts on that, so that might go into the class of a number of the strategic initiatives which were ongoing right here. So, take into consideration some components the place — that we might have simply been — that we’re possibly de-emphasizing when it comes to our concentrate on that. So, an space that we have de-emphasized, and that might go in that class, is pressing care.

We’re approaching {that a} bit in another way now. There was a time when sort of stand-alone pressing care was an necessary factor right here. As you begin growing extra geographic density, nonetheless, in a market, you may in all probability higher serve these sufferers by simply having certainly one of your clinics have after-hours presence and concentrate on that. So, one space that we now have diminished when it comes to emphasis is pressing care, and that is one of many areas we bought out of.

So, actually, these accounts have been pushed by — I would name it considerably slim choices, usually, that we now have been diminishing and that have been a part of sort of a number of the strategic initiatives that we talked about. When it comes to sort of a number of the broader margin impacts you are seeing and a number of the emphasis and the place Optum Well being was headed when it comes to within the 4Q and the place their focus was, I am going to flip to Dr. Amar Desai to touch upon.

Amar Desai — Chief Government Officer, OptumHealth

Thanks, Josh. Hello, Josh. So, to take a step again, look, post-V28, we have been executing on our multiple-year plan to reshape the enterprise, together with efforts round direct affected person engagement and medical administration, in addition to integrating our enterprise to ship on working price efficiencies. So, as we have a look at the quarter, we took various deliberate actions, together with restructuring and refining a few of our legacy contracts, which had a one-time influence of the 12 months.

We had some membership combine adjustments, which has been famous. After which we did make some investments within the quarter round medical high quality and the Stars program, in addition to onboarding for brand new membership approaching for 1/1. That being mentioned, we really feel excellent about our place entering into 2025. Our AEP progress was sturdy.

We have additionally had very sturdy retention throughout our care supply organizations, once more reflecting the power of our supplier community and the differentiated care they supply. We even have a greater understanding of V28 as we’re within the second 12 months of it. And with this development, our payer relationships and contracts have advanced into the 12 months. As we step into ’25, we’re in a extra favorable spot.

After which the influence of our engagement efforts in 2024. Eighty-five p.c of our value-based sufferers have been engaged and 90% amongst our highest-risk sufferers. And once more, that is best-ever affected person engagement for us and is the muse for the maturation of our value-based cohorts over time. So, general, our working mannequin for Optum Well being is stronger.

It is underpinned by vital momentum round this engagement and affordability, in addition to working efficiencies, and we’re assured in delivering towards our long-term margin targets. Thanks for the query, Josh.

Andrew Philip Witty — Chief Government Officer

Amar, thanks a lot. And I possibly simply, you recognize, end off that response, Josh, if I’d, by, you recognize, actually reiterating one thing you heard me say only a month in the past that even in a really difficult 12 months of 2024, with a number of adjustments coming from the skin world when it comes to funding reductions and the like from the administration, alongside our dedication to carry out, we’re additionally relentless round how we proceed to modernize and form the corporate for the long run. And, you recognize, what you heard John simply discuss and also you simply heard Amar refer to actually there’s, inside Optum Well being, you recognize, alongside strengthening our core enterprise, we acknowledge some elements of that enterprise aren’t essentially as necessary sooner or later as they have been prior to now. We’re not going to shrink back from making the alternatives to make sure that we now have actual readability and concentrate on what we all know helps our enterprise and, most significantly, provides us the best probability of giving the absolute best service to sufferers and members who we serve.

And I feel throughout ’24, you noticed the group be very centered not simply on the 12 months, however on the form of how we would like the corporate to develop over the following a number of years. And that is actually what you are seeing mirrored within the commentary that John and Amar simply touched on. Josh, thanks a lot on your query. If we might go to the following query.

Operator

We’ll go subsequent to Lisa Gill with J.P. Morgan.

Lisa Gill — Analyst

Thanks very a lot for taking my query. Andrew, I wish to discuss PBM reform. There appears to be a really giant drumbeat proper now that we’ll see reform sooner or later in 2025. Actually two issues right here.

One, what do you assume which means to your small business? After which secondly, you recognize, you talked about educating these within the market to raised perceive what you truly carry to the market from a PBM perspective. Are there incremental methods you could doubtlessly possibly educate Congress as a result of it appears to be a really huge disconnect versus how Congress is viewing this versus what PBMs truly do?

Andrew Philip Witty — Chief Government Officer

Lisa, thanks a lot on your query, and, you recognize, that is clearly a subject of lots of people’s curiosity, and that is not stunning as a result of pharmaceutical costs within the U.S. are too excessive, and I simply made that tremendous clear in my feedback. And it is not the primary time you’ve got heard any of us at United make these feedback during the last a number of years. As you concentrate on that, the difficulty actually is that you’ve got a state of affairs the place the PBMs are actually the one efficient mechanism throughout the system, which actually holds the pharmaceutical firm to account as soon as it chooses to set its value.

And by the best way, additionally has the liberty to inflate that value each single 12 months, which is what we see occur. The PBM is there to attempt to maintain that to account and negotiate on behalf of employers, unions, states, and others to attempt to carry down these costs. However inside that, Lisa, is the very very first thing that folks actually need to actually perceive. The PBM acts on behalf of the last word payer, the employer, the union, the state, and such.

It acts on their behalf as a result of they’re in the end those who’re usually underwriting the last word price of the medication for the sufferers, the shoppers who’re beneficiaries of their plans which can be supported by these organizations. That’s typically misplaced when it comes to how this mechanism works. And it’s important to know it. What’s necessary, due to this fact, is that we — and also you heard me make a few references to this, and I hope alongside others throughout the sector — actually concentrate on the info of the state of affairs.

Costs in America are de novo set too excessive relative to some other value on the earth, first off. Secondly, they’re inflated yearly, which is fairly uncommon while you evaluate that to the remainder of the world. Thirdly, as we negotiate to carry these costs down, the good thing about that negotiation, these rebates that are achieved, are very vital, are handed again to the employers, unions, and states. They select what to do with these rebates.

Now, within the case of UnitedHealthcare, whereby the inhabitants of employer advantages that we handle the place we now have primarily management over that call, we cross these throughout to the patron and the affected person who receives the medicine. So, they see the good thing about that rebate. We might wish to see others do the identical. Inside that general system, there’s additionally alternative for folks to lose a thread of the place the cash goes within the system, and that’s typically what you hear policymakers be involved about.

That’s the reason this morning, we’re committing to a full 100% pass-through of all rebates that we negotiate on the PBM again to the payer, the state, or the union. Proper now, we already cross 98% of that via. However sadly, even at simply that small residual that we retain as a result of these purchasers wish to pay us that means is sufficient to give folks the excuse to argue that the system isn’t working correctly. We’re taking that excuse off the desk right this moment.

We’re dedicated to full transparency. We’re dedicated to full pass-through to purchasers. We imagine that takes away the excuse of who actually is setting the worth, and we want to work with others throughout the system to relentlessly obtain the bottom internet price for everyone within the system. We might wish to see sufferers see the good thing about that, and we would wish to work with anyone who needs to work with us to make it occur.

And that is how we’ll have interaction this 12 months with policymakers and others throughout the nation. With that, Lisa, thanks a lot for the query. Let me go to the following query, please.

Operator

We’ll go subsequent to Stephen Baxter with Wells Fargo.

Stephen Baxter — Wells Fargo Securities — Analyst

Hello. Thanks. Simply keep on the coverage entrance, I used to be questioning for those who had any early perspective to share on the Medicare Benefit advance discover for 2026. I assume something you see as encouraging or any potential areas of concern as you progress from advance to closing? After which I assume as a associated level, it looks as if many would assume that the reimbursement that is embedded in these charges remains to be not reflective of the elevated price pattern that we noticed in 2024, even when taking a step in the suitable course.

Is that an organization perspective that you just share? Thanks.

Andrew Philip Witty — Chief Government Officer

Hey, Stephen. Thanks a lot for the query. I will ask Tim to — Tim Noel to touch upon that, please.

Tim Noel — Chief Government Officer, Medicare and Retirement

Yeah. Thanks for the query, Stephen. You understand, as you recognize, these charges are preliminary at this time limit and will not be finalized till April. And so, you recognize, due to this fact, in all probability not tremendous productive to begin speculating on components of that.

I’ll say we’re trying ahead very a lot to partaking the brand new administration on this merchandise and in addition a bunch of different objects as they relate to the Medicare Benefit program. Thanks.

Andrew Philip Witty — Chief Government Officer

Nice. Thanks a lot, Tim. And, you recognize, as you counsel, Stephen, you recognize, what’s most necessary is that that is all rational, proper? So, you recognize, it is not tough to determine looking back what pattern was, and we would wish to hope that, over the following few cycles, we see that mirrored in a means that it hasn’t been during the last a number of years. And that, for us, is basically the necessary factor of what we hope will come, and it is merely simply rational.

And, you recognize, it is attention-grabbing, while you have a look at the states in Medicaid, you see that sort of rational habits. We have seen that enhance, and we have been tremendous clear that there is been historic offset lag, if you’ll, to that. That is not stunning. That may create some discontinuity, as we noticed this 12 months in ’24.

However beneath all of that, we see rational understanding and engagement from the states. We tremendous respect that. It is necessary, and that is what we wish to hope to see return across the MA charge setting in a means that we now have not seen during the last a number of years. OK.

Subsequent query, please.

Operator

We’ll go subsequent to Justin Lake with Wolfe Analysis.

Justin Lake — Analyst

Thanks. Good morning. I’ve bought a query right here, however first I needed to ask a fast follow-up on this Medicare Benefit income adjustment. Given the MLR for the quarter got here in larger than anticipated, it seems this may need come as a shock.

And provided that the employers — you recognize, the dimensions of the employer section, it seems like this adjustment is fairly giant, like possibly 5% or extra of annual income. So, simply making an attempt to know, are you able to give us extra shade right here? How do the mechanics work of what is going on on? Possibly you could possibly inform us why this could have been a shock. And what intervals do they relate to? Is all of it 2024? After which my precise query is extra on MA progress. Curious what you noticed throughout AEP, each when it comes to what quantity of your 8% progress expectation do you count on to come back from AEP.

After which do you continue to see trade progress at mid-single digits? Thanks.

Andrew Philip Witty — Chief Government Officer

Hey, Justin. Thanks a lot for the query. That was a powerful means of sneaking two as a substitute of 1. I am going to allow you to get away with it simply this time.

So, John, for those who would not thoughts taking the primary a part of Justin’s good query, after which I will ask Bobby Hunter to take the second. Bobby leads our enterprise in Medicare. So, please go forward.

John F. Rex — President and Chief Monetary Officer

Justin, good morning. So, yeah, when it comes to these components, so MA sort of group buyer refunds was one factor of it. And definitely, these are — and there are a couple of different changes operating via that we’re all placing the non-run charge income impacts right here. When it comes to shock or not, so maybe not anticipated a 12 months in the past after we set out sort of when it comes to our expectation for medical care ratio and revenues and such.

Not a shock when it comes to the place we have been the final whereas, although, when it comes to understanding this stuff as a result of as they develop and also you see, OK, higher efficiency in sure group MA plans, there’s going to be a refund that is given to these employers, as we do, as we’re performing properly. After which a number of the different components. I would not name them surprises. Definitely, relative to a 12 months in the past, we did not have these included in our view.

When it comes to relative to months in the past, it might have been one thing we might have understood in these components. And that was certainly one of them I used to be making an attempt to offer an instance. However there have been a couple of, they usually totaled as much as that 80 foundation factors or 90 foundation factors. Group MA refunds being certainly one of them.

However I would not name it a shock to the place our view has been the previous couple of months right here on this. After which I am going to go to Tim.

Andrew Philip Witty — Chief Government Officer

No, to Bobby.

John F. Rex — President and Chief Monetary Officer

Bobby.

Andrew Philip Witty — Chief Government Officer

Bobby, yeah.

Bobby Hunter — President, Medicare Enterprise

Yeah. Thanks, John, and thanks, Justin, for the query. So, when it comes to AEP outcomes, we have been very happy with how issues performed out for us. They’re very a lot aligned to our expectations, and it places us on monitor to attain the complete 12 months MA progress goal of as much as 800,000 that we have communicated.

Actually necessary to do not forget that with the promoting adjustments for 2025, we do count on greater than 50% of our full 12 months progress to come back in AEP. Additionally value noting, this degree of progress isn’t one thing we’re unfamiliar with, and I am actually happy with our groups and the 1/1 readiness actions we have executed on to make sure a easy transition for our new and returning clients. Possibly to supply a couple of highlights on the expansion itself. Seeing actually balanced and diversified progress throughout our merchandise and our geographies.

Specifically, some very nice power inside our HMO and full twin plan choices. John additionally talked about, you recognize, retention acting at close to file ranges, an awesome testomony to the worth that we’re providing to shoppers. And possibly final, you recognize, of the members who’ve left us in prior years, we’re seeing about thrice as many return to UHC this 12 months as in comparison with final 12 months. I actually view that as a testomony to the service fashions and experiences we provide.

And people clearly put a number of worth in that once they’re making their selections, and I am actually proud to see these people coming again to us this 12 months. When it comes to the expansion charge, you recognize, we actually nonetheless proceed to imagine within the long-term progress charge of seven% to 9%, acknowledging that, you recognize, in sure years, you may see fluctuations based mostly on profit adjustments and different components. You understand, a few of that was current in 2024. And, you recognize, related dynamics will play out right here in 2025.

So, we count on ’25 to usually tempo, you recognize, in step with ’24 from a progress standpoint. You understand, that mentioned, extra assured than ever within the worth that MA provides to shoppers and the trail that we’re on for MA to surpass 70% penetration over time.

Andrew Philip Witty — Chief Government Officer

Bobby, thanks a lot. And I simply wish to acknowledge Bobby personally as a result of he — during the last couple of years, he is actually led the strategizing of tips on how to navigate via the very many exterior adjustments which have performed out via V28 and the like. And, you recognize, I feel you’ve got all the time heard us discuss enjoying a multiyear technique right here, and I feel that is actually coming to fruition. Bobby owns a ton of the credit score related to that, and I am delighted to see that mirrored within the progress efficiency within the cycle we’re in now — proper now that you have simply heard described.

And it is that blend enchancment that you just simply heard in Bobby’s reply which fully differentiates 2025 from 2024 for UnitedHealthcare. It is tremendous necessary. And all of these components you simply heard described are primarily what makes up that crucial combine enchancment, which we have been aiming for and we really feel very, excellent about. Let me go to the following query, please.

Operator

We’ll go subsequent to Lance Wilkes with Bernstein.

Lance Wilkes — Analyst

Nice. Thanks a lot and actually respect your feedback at the start of the decision. May you discuss a bit of bit about one of many issues I feel is hanging over long-term buyers on the market, which is ranges of buyer satisfaction? I do know that is tough to measure, however I do know NPS and different metrics are belongings you guys have a look at. Are you able to discuss a bit of bit about what you understand to be the most important sources of dissatisfaction in these types of measures? After which what are a few of your methods and priorities? And does which have any impacts on long-term algorithms for the corporate so far as financial algorithms, progress algorithms, or simply the place you prioritize your capabilities? Thanks.

Andrew Philip Witty — Chief Government Officer

Yeah. Lance, thanks a lot for the query. And hear, I imply, on the core of the corporate, and for those who have a look at the mission of the corporate, it is all about making an attempt to enhance the well being system for everyone. And by that, it means not simply decreasing the price of that, making it extra reasonably priced, but it surely’s additionally about making an attempt to make it simpler to entry, much less advanced, much less complicated.

And as I mentioned in my opening feedback, we acknowledge there’s nonetheless a number of work to be completed in that regard. You understand, a number of the areas like, you recognize, clearly, claims, the place folks get pissed off about how lengthy it takes for a declare to course of or possibly some confusion that goes on in that, these are key areas for us to proceed to work onerous at to enhance. And I can let you know, you recognize, while you look throughout claims, lower than half of 1% of claims are in the end rejected for medical motive as a result of, for no matter motive, they don’t seem to be deemed to be as protected or efficient remedy choice. However everyone knows there are different claims which get held up within the course of earlier than you get to that stage.

Now, the overwhelming majority of these claims that are held up are held up as a result of they have been both despatched to the improper firm, they did not have the suitable data on them, the affected person did not have the suitable advantages, all of these issues. Now, that would all be handled via expertise and a extra standardized strategy throughout the trade. And I am very, very happy to say that we’re experiencing and engaged with a much-heightened vitality throughout the group to resolve this throughout the entire sector for everyone. And in my opinion, in all probability 85 or extra p.c of all of these claims which find yourself going to the improper place after which having to be resubmitted, that would all be prevented with the adoption of real-time processing, a standardized strategy, a standardized consumption mechanism.

That is a key space for us to concentrate on. And that, we have alluded to that. I discussed an effort we’re very near round Medicare Benefit enchancment. That is simply one of many first steps.

And all of this sits very a lot in step with the work that Brian, frankly, led during the last a number of years to actually cut back general exercise round PAs and the like. And the corporate will proceed to do this. However I simply wish to emphasize the criticality of collaboration right here to attempt to design one thing, not only for one firm, however for all corporations, not only for one affected person, however for all sufferers. That is what we have set to work towards.

Actually trying ahead to alternatives to have interaction with the administration on this as a result of they can be an necessary assist to assist catalyze these types of adjustments. The second space of client enchancment alternative the place I imagine we’re — we actually are making nice progress is simply round that client expertise. So, there isn’t any motive on the earth why partaking with the healthcare system ought to really feel any totally different or any much less straightforward than some other engagement you have got in your life. And that is why we have been centered during the last a number of years on this transfer towards a client functionality for the entire firm.

And that I actually imagine we’re making breakthroughs on when it comes to how we’re working. When you simply have a look at 1/1 of this 12 months, so January of this 12 months, and also you simply have a look at a few examples, our UHC cell app visits have been up 66% 12 months over 12 months. That is one other file 12 months of progress. The UHC app stays the No.

1 healthcare app within the Google and Apple app shops. Throughout the entire of UnitedHealthcare, our shoppers are selecting to extend their digital engagement with us by a couple of third a 12 months. So, the app is two-thirds up. Every little thing throughout the entire of UHC is up by a couple of third.

Our app registrations are up almost 100% 12 months over 12 months. That is us shifting to the place American shoppers wish to be. They wish to discuss to us digitally. They wish to use their telephone to have the ability to entry us.

They do not wish to make a telephone name. It has been a rare shift. We proceed to work that means via. We’re capable of discuss to members — now, about 10% much less yearly of our members are making telephone calls.

They’re getting what they want while not having to choose up the telephone and make the decision. All of these are incredible metrics. You go to Optum Rx, the opposite huge client engagement level. The commonest interplay level throughout American healthcare is in pharmacy.

You have a look at the first of January, you heard already right this moment from John, we enrolled 750 new purchasers. They represented 1.6 million new American shoppers who are actually utilizing Optum Rx. We’re privileged to serve these folks. We have been capable of carry them on board a 3rd much less price than within the prior 12 months.

That’s completely because of the adoption of digital expertise and different fashionable capabilities. Our digital engagement registrations throughout Optum Rx themselves are up 16%. These are all examples of how this firm has been investing relentlessly, at first, to know what American shoppers need after which construct it. And we’re dedicated to persevering with to construct these capabilities and ship the perfect, most handy expertise attainable, not simply within the insurance coverage enterprise, but in addition within the Optum service enterprise led by Optum Rx.

That is the place we’re going. We’re dedicated to this agenda, Lance. We all the time have been. And it is best to proceed to see us make substantial enhancements to make the expertise of partaking with the healthcare system simpler tomorrow than it was yesterday.

I respect the query. Subsequent query.

Operator

We’ll go subsequent to David Windley with Jefferies.

David Windley — Analyst

Thanks for taking my questions. And, Andrew, thanks. I wish to provide you with kudos on your emphasis on value. I really feel like that is underappreciated in the US.

My query is round SG&A. If I extract — if I ignore the portfolio adjustments, the — what you may name regular course SG&A, enchancment — effectivity enchancment in ’24 was nonetheless substantial. You want one other step-down in 2025, per your steerage. Each of these are vital relative to historic norms.

May you discuss concerning the sources of that effectivity — maybe a nod to AI and a number of the expertise that you have talked about — however the sources of these financial savings and the sturdiness of the financial savings that you just’re extracting? Thanks.

Andrew Philip Witty — Chief Government Officer

Yeah. David, thanks a lot. I will ask John to offer you a sort of overview, after which I will ask our chief expertise officer to offer you a bit of — a couple of examples or a bit of perception into our formidable — I will name it modernization agenda of expertise as a result of it is not simply AI, it is the entire totally different elements. However I feel it might be good so that you can hear from Sandeep, however, John, would you thoughts beginning off?

John F. Rex — President and Chief Monetary Officer

Good morning, David. So, the supply of these financial savings, alongside the traces of the commentary that Andrew was providing a couple of moments in the past, led by digital adoption. So, we serve roughly nearly 150 million folks throughout the breadth of UnitedHealth Group. And as we search to make these experiences smoother, less complicated, sooner, that is being led by digital adoption.

It is being led by having our customer support representatives far more knowledgeable once they do choose up the telephone if the client must name, a lot deeper perception into frustrations or any sort of expertise the client could also be having or had to allow them to get to the basis trigger far more shortly. So, you are seeing these components simply speed up. Look, I mentioned it a bit of bit in my commentary. It feels very early stage to us when it comes to what we’re truly doing right here.

And as I work with the expertise workforce, Sandeep and the groups and what they’re hitting right here, these are — we’re simply sort of scratching the floor of the chance. So, while you ask the necessary questions on sturdiness, it is tremendous early stage when it comes to what we see as the chance. I’d let you know, these — what we’re doing proper now really feel like simply sort of the preliminary scratching the floor that we might be doing when it comes to the place we might — the place we imagine we are able to take this and the alternatives that we’re seeing. So, one of many issues we’re most enthusiastic about as a workforce as we sit collectively and we take into consideration the expertise that buyers are going to have, how we’re going to have the ability to make these a a lot smoother, less complicated, and satisfying for everybody, together with our workers who work with our clients.

And, Sandeep, possibly you could possibly supply a couple of feedback.

Sandeep Dadlani — Government Vice President, Chief Digital and Know-how Officer

Positive. Thanks, John, and thanks, David, for the query. Our AI, digital automation, and, basically, our modernization agenda has centered largely on eradicating administrative menial duties within the system and enhancing client experiences. Some examples earlier that you’ve got observed has been round our name middle efforts.

Andrew simply talked about we obtained 10% much less calls for a similar client base in comparison with final 12 months. And we’ve not even scaled this totally. By the top of 2025, we might be scaling this totally. And that is certainly one of tons of of use circumstances that we’re scaling.

Final quarter, we talked about medical summaries for nurses that assist our nurses concentrate on healthcare. And that is getting scaled totally. As we focus in 2025, we truly are enthusiastic about extra compelling client experiences, serving to suppliers and clinicians with documentations and summaries, and admittedly digitizing all of the paperwork in your complete healthcare expertise, assume advantages paperwork, services, supplier contracts, serving to drive far more automated seamless, frictionless claims processing as properly. So, we’re excited concerning the agenda.

Thanks.

Andrew Philip Witty — Chief Government Officer

Sandeep, thanks a lot. David, I respect the query. If we might transfer on to the following query, please.

Operator

We’ll go subsequent to Scott Fidel with Stephens.

Scott Fidel — Analyst

Hello. Thanks. Good morning. I hoped simply given a number of the, you recognize, uncommon patterns that we noticed in ’24 and that then will affect 2025 when enthusiastic about the sequencing of Medicaid margins and MLRs and a number of the utilization patterns, for those who would assist us possibly in enthusiastic about, you recognize, any feedback on EPS seasonality that could be totally different in 2025 relative to ’24? After which equally, you recognize, MLR sequencing that you just’re pondering possibly having a little bit of a distinct sample round that steerage of — that you just gave for the complete 12 months? Thanks.

Andrew Philip Witty — Chief Government Officer

Hey, Scott. Thanks a lot. John.

John F. Rex — President and Chief Monetary Officer

Good morning, Scott. So, I would say when it comes to seasonality, first half, second half, consider that as comparatively balanced when it comes to seasonality for earnings development. When it comes to medical care ratio and enthusiastic about sort of these components, you begin of first, in fact, with a view that, on the midpoint, the complete 12 months care ratio might be 86.5%. So, as we famous earlier, about 100 foundation factors above the elevated ’24 degree.

And I simply had mentioned ’24 included various discrete objects. Inside that, you recognize, we — the quarterly sample will look conversant in the primary quarter under the midpoint of that and the fourth quarter above the midpoint and trending up via the center of the 12 months. After which inside the 12 months, the sample acquainted. So, these could be the weather we would sort of take into consideration as that patterns via.

Slope, a bit of impacted, in fact, by a number of the Half D adjustments which can be on the market additionally that I feel you are properly conscious of already as a result of these have been out for some time. So, the slope of that might be impacted a bit by that, additionally. These could be the important thing components.

Andrew Philip Witty — Chief Government Officer

Nice. John, thanks a lot. Admire it. And subsequent query.

Operator

We’ll go subsequent to Sarah James with Cantor Fitzgerald.

Sarah James — Analyst

Thanks. I am going to stick on MLR. John, might you assist us bridge ’24 to ’25 by sizing a number of the influence of the parts that you just known as out like your assumptions on core pattern versus IRA and any offsets like charges or nonrepeat of the MA group refunds? Thanks.

John F. Rex — President and Chief Monetary Officer

Yeah. Good morning, Sarah. Definitely. So, sort of huge components that we might name out right here, actually, the IRA impacts, mixture of our — the folks we’re serving.

We’re serving extra folks than public sector plans. After all, that is sort of a traditional course factor. After which, in fact, a second 12 months of the CMS funding charge reductions right here. Parts sort of in all probability going the opposite course right here could be, actually, the cyber and South America impacts.

We had sized these. You understand, take into consideration that as about 30 foundation factors in our 2024. A number of the traits, affordability, and different initiatives that we now have in there, additionally. After which as I discussed additionally, simply taking an appropriately respectful view of the care exercise atmosphere as we step out.

Andrew Philip Witty — Chief Government Officer

Nice. Thanks. Thanks a lot, John. We simply have time for one final query, operator.

Operator

We’ll go subsequent to Joanna Gajuk with Financial institution of America.

Joanna Gajuk — Analyst

Hey. Good morning. Thanks for squeezing me in. So, I assume one thing that possibly did not come up from the dialogue of MLR being excessive in ’24, but in addition the outlook for ’25, are you able to discuss concerning the margins in your Medicare Benefit enterprise? So, respect your second 12 months of V28 and such, however simply, you recognize, are you able to body for us how, you recognize, the margin in that exact enterprise was in ’24 versus your goal margins and do you count on the margins to enhance 12 months over 12 months in ’25? Thanks.

Andrew Philip Witty — Chief Government Officer

Joanna, thanks a lot. Let me ask Tim Noel to answer that.

Tim Noel — Chief Government Officer, Medicare and Retirement

Thanks, Joanna, for the query. You understand, as we take into consideration our long-term planning strategy to Medicare Benefit, we stay constant in our view of focused margins. And that does not change as we have been enthusiastic about ’25, like some other 12 months. And — which is sweet as a result of then as we take into consideration our ahead view in any sequential 12 months, not a number of pricing catch-up that we have to have interaction in and we are able to actually concentrate on stability for folks, the folks we serve, and the prospects who might wish to select us sooner or later.

So, actually, not a number of change right here, very per how we have considered it beforehand.

Andrew Philip Witty — Chief Government Officer

All proper. Tim, thanks a lot, and, Joanna, thanks a lot for the query. Sadly, that is on a regular basis we now have this morning, and I wish to thanks all for a sturdy and productive dialogue. I hope that in our session right this moment, you heard a workforce that may be very centered on each successfully navigating the challenges and distinct progress alternatives forward for UnitedHealth Group.

A workforce main an enterprise with the capabilities and vitality to assist every day to make healthcare higher for the folks we’re privileged and proud to serve. Thanks a lot on your time.

Operator

[Operator signoff]

Period: 0 minutes

Name contributors:

Andrew Philip Witty — Chief Government Officer

John F. Rex — President and Chief Monetary Officer

Andrew Witty — Chief Government Officer

A.J. Rice — UBS — Analyst

John Rex — President and Chief Monetary Officer

Joshua Raskin — Analyst

Amar Desai — Chief Government Officer, OptumHealth

Lisa Gill — Analyst

Stephen Baxter — Wells Fargo Securities — Analyst

Tim Noel — Chief Government Officer, Medicare and Retirement

Justin Lake — Analyst

Bobby Hunter — President, Medicare Enterprise

Lance Wilkes — Analyst

David Windley — Analyst

Sandeep Dadlani — Government Vice President, Chief Digital and Know-how Officer

Scott Fidel — Analyst

Sarah James — Analyst

Joanna Gajuk — Analyst

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